« previous next »

Author Question: Jason buys only music downloads and food with his weekly income. In response to a decrease in the ... (Read 69 times)

tsand2

  • Hero Member
  • *****
  • Posts: 520
on: Jun 30, 2018
Jason buys only music downloads and food with his weekly income. In response to a decrease in the price of downloads, he buys more downloads and less food. As a result, we would expect:
 a. the marginal utility of downloads to increase and the marginal utility of food to decrease.
  b. the marginal utility of both downloads and food to remain unchanged.
 c. the marginal utility of downloads to decrease and the marginal utility of food to increase.
  d. the marginal utility of food to become negative.

Question 2

If the resource market is perfectly competitive:
 a. the market demand for the resource is perfectly elastic.
  b. the market demand for the resource is perfectly inelastic.
  c. the suppliers can affect the input price by increasing or reducing their supply.
  d. the input price to each firm is constant.
  e. the supply of the resource is perfectly inelastic.


djofnc

  • Sr. Member
  • ****
  • Posts: 318
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

According to the CDC, approximately 31.7% of the U.S. population has high low-density lipoprotein (LDL) or "bad cholesterol" levels.

Frequency distribution curve: interpatient variability in drug response Frequency distribution curve: interpatient variability in drug response
Empathy draws a more positive response from the patient because it is based on the willingness of th Empathy draws a more positive response from the patient because it is based on the willingness of th
Selected Biological Response Modifiers Selected Biological Response Modifiers
How the Distribution of Education Affects the Distribution of Income How the Distribution of Education Affects the Distribution of Income
Respiratory response to increased activity levels Respiratory response to increased activity levels
The stress response involves several pathways, which begin with a signaling stimulus The stress response involves several pathways, which begin with a signaling stimulus
Video: Hemoglobin's affinity with oxygen - carbon dioxide, temperature and bisphosphoglycerate (BPG)

For a complete list of videos, visit our video library